Are you holding off on buying a car b/c of inventory shortages and high prices?
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Anonymous
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I get some people need a new car (e.g. prior car totaled in an accident) and must buy today.
But how many of you are holding off on buying right now even though you really want to, because there are so few cars on dealer lots and most are selling for thousands more than their market values earlier this year? I am holding off. I hope inventory and prices stabilize in about 12 months, but I think it may take even longer (into 2023) for car makers' supply to catch up with demand. |
Anonymous
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At some point in the next few years, the market will stabilize, however automakers and dealers have started to get people used to the idea of paying MSRP.
Ford used to take freakin' $10,000 off a loaded $65,000 truck for anyone who did basic negotiating. But now people are paying MSRP and more. Translation: yes wait it out and avoid buying now if you can. But expect in the next few years to get something like $500-2,000 off of MSRP. We'll never return to the deep discounting of the past--the only exception being models that are total flops and are sitting becuase nobody wants them without a fat discount (like a Chevy Trax, a Buick anything, a non-Escalade Cadillac, etc.) |
Anonymous
| I keep my cars a long time so I had no intention of buying a car for another 10 years if I can get away with it for that long. I think you're right to assume that it will be at least into 2023. Same reason as all electronics are not being produced as quickly as we would like. COVID and more demand for computer chips in general. Add to that the fact that creating a factory to make microprocessors costs literally billions of dollars (with a B) and most companies aren't in a hurry to ramp up production and even even if they do build a new plant, it takes a long time to complete it and get the lines running. |
Anonymous
| I am. I would buy a new car now, but am waiting. Mine is paid off with 60K miles on it, I will just hold onto it till my oldest can drive in a year, an make it his car. |
Anonymous
| On the fence, I have two cars to sell and one to buy. Thinking that might offset the higher cost. I could wait and than one of the cars won’t continue to depreciate while I’m waiting which might be a wash. |
Anonymous
| I’m trading in my VW for a new car, as I’m getting slightly more than what I paid for it…unheard of pre-COVID esp for a German car. |
Anonymous
| Yep. We decided to keep our 150,000 mile Toyota Camry. It’s still working well, so we decided to save some money and try to wait a couple more years until the inventory shortage ends |
Anonymous
| Husband and I just have one car (2013 Hyundai with 115k miles) which is fine on gas and has been paid off for years. We’re going to hold out as long as possible without buying a 2nd car since the market seems so crazy, although I am desperate for us to upgrade! |
Anonymous
| Yep - I am ready to get rid of my 10 year old minivan with 160k miles. But everything seems so overpriced right now. Hopefully, I can hobble along for a few years. |
Anonymous
| We just bought a new SUV. At first the dealer didn’t want to sell to us at the price we wanted, but come end of the month they were calling us and offering the vehicle. Remember, they want to move the 2021s bc 2022s are coming. It’s not as bad as it seems. |
Anonymous
| Yes. I refuse to pay these ridiculous prices. |
Anonymous
| Yes. Fixing up the 12 yr old car. Putting $2000 into it. Cheaper than a new car. It will last another year or two, enough time for prices to stabilize, hopefully. |
Anonymous
what kind and where? |
Anonymous
Expedition at Koons. |
Anonymous
| 230,000 on my Honda. Hope she holds out for another year. |